Shad Khan’s Shipyard project receives initial DIA approval

Shad Khan’s plans to build up the downtown Jacksonville area took a step forward Friday. A Downtown Investment Authority committee voted 5-0 to push forward a development agreement for his plans to build two buildings across the street from TIAA Bank Field.

As many can recall, Khan revealed these plans, which also included a football facility for the Jags, to the public earlier this month at his 1st Downtown Jacksonville event. However, the approval by the DIA Friday was to advance a development agreement for over $110 million in city incentives for Khan’s plans to construct a Four Seasons Hotel, office building, and rebuild a marina next to where both buildings would be.

The next step is to have the DIA board consider the deal before it can be sent to Mayor Lenny Curry’s Budget Review Committee. Then when that happens the City Council will be asked to look at it and approve it.

Overall, the plan Khan discussed earlier this month will cost $441 million, but it would bring a five-star hotel to the city within walking distance from the Jags’ stadium. The office building is something the Jags would use for operations on the first few floors, while other tenants could use the rest of the building.

As for the Jags performance facility, the cost will be around $120 million. And while it wasn’t a part of this week’s discussion, it was stated that the Jags and city would split that price in half earlier this month.